Must Read
TAJBank H1 2023 Success.
In the first half of 2023, TAJBank, a bank that doesn't charge interest, made a profit of N6.02 billion. This is great news for the bank.
Not long ago, in the year 2022, TAJBank made history by giving some of its profits to its shareholders. This is a big deal because the bank is still very new, having started just three years ago.
Let's take a closer look at the bank's financial situation in the first half of 2023. Their total money and things they own, which we call assets, went from N212.02 billion in December 2022 to N335.02 billion by June 2023.
That's a big increase of 58 percent. Also, the money they made from their business, called gross earnings, went up by 67 percent, from N136.15 billion in December 2022 to N227.03 billion in June 2023.
Some other good news is that the money they used to help people buy things, called financing, increased by 62 percent, going from N78.24 billion in December 2022 to N126.73 billion in the first half of 2023. People also trusted TAJBank more and put more of their money in the bank.
The bank's total money from customers, known as deposits, grew from N161.96 billion in December 2022 to N251.25 billion by June 2023.
That's a 55 percent increase. And the bank's ownership, called total equity, went up by 88 percent, from N19.14 billion in December 2022 to N36.71 billion in the first half of 2023.
The Founder and Chief Executive Officer of TAJBank, Mr. Hamid Joda, was very happy about the bank's performance. He said that this shows that hard work pays off.
The bank's main goal is to make customers happy, and they are doing everything they can to be the best non-interest bank.
Mr. Sherif Idi, who is the Co-Founder and Executive Director of the bank, gave thanks to the customers and shareholders who trust the bank. He promised that the bank's team will keep working hard to make things even better for them.
TAJBank is not just about making money; they are also using the latest technology to make banking easier for people. They are opening new branches to help more people in different states of Nigeria.
Earlier this year, TAJBank made history again by being the first company in Nigeria to list N100 billion Sukuk Bonds on the Nigerian Exchange Limited.
This is a big achievement for the bank, and it shows that they are doing well in the financial world.